Transactions - MAY 17, 2017

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Griffin Partners fund acquires office property in Houston

by Jody Barhanovich

Griffin Partners has acquired an office property in Houston through its Griffin Partners Office Fund III. The firm acquired the property from a partnership between balandis real estate AG and Griffin Partners.

The property, built in 1977 and located at 520 Post Oak Blvd., is a 155,147-square-foot boutique office building in Houston’s Galleria submarket. The eight-story building includes an attached four-level parking garage and is 90.1 percent leased to a diverse roster of tenants.

The acquisition is Griffin Partners Office Fund III’s third investment since its inception in June 2016.  Fund III now owns 715,000 square feet in three assets totaling over $128 million in asset value. It is the third fund in the value-added fund series and will target investments in existing office and light industrial real estate assets located primarily in Sunbelt markets experiencing employment growth rates consistently above the national average.

Griffin Partners is an owne

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